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- 15 - 200512344 Section 2.02. Collection Upon Default. To the extent permitted by law, upon the occurrence of any Default, the Beneficiary may, at any time without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of any security for the Obligations or the solvency ofthe Trustor, enter upon and take possession of the Properties, the Improvements and the Fixtures or any part thereof, in its own name, sue for or otherwise collect Rents including those past due and unpaid, and, apply the same, less costs and expenses of operation and collection, including attorneys' fees and disbursements, to the payment ofthe Obligations as provided in paragraph (a) of Section 4.03, and in such order as the Beneficiary may determine. The collection of Rents or the entering upon and taking possession ofthe Properties, the Improvements or the Fixtures or any part thereof, or the application thereof as aforesaid, shall not cure or waive any Default or notice thereof or invalidate any act done in response to such Default or pursuant to notice thereof. ARTICLE 3 Security Agreement Section 3.01. Creation of Security Interest. The Trustor hereby grants to the Beneficiary a security interest in the Fixtures for the purpose of securing the Obligations. The Beneficiary shall have, in addition to all rights and remedies provided herein and in the other Loan Instruments, all the rights and remedies of a secured party under the Uniform Commercial Code of the state in which the applicable portion of the Fixtures is located. Section 3.02. Warranties. Representations and Covenants. The Trustor hereby warrants, represents and covenants that: (a) the Fixtures will be kept on or at the Property and the Trustor will not remove any Fixtures from the Property, except such portions or items of the Fixtures that are consumed or worn out in ordinary usage, all of which shall be promptly replaced by the Trustor, except as otherwise expressly provided in Section 1.07, (b) all covenants and obligations of the Trustor contained herein relating to the Trust Estate shall be deemed to apply to the Fixtures whether or not expressly referred to herein and (c) this Deed of Trust constitutes a security agreement and "fixture filing" as those terms are used in the applicable Uniform Commercial Code. Information relative to the security interest created hereby may be obtained by application to the Beneficiary (secured party) at the mailing address set forth on Page 1 hereof. The mailing address of the Trustor is set forth on Page 1 hereof. Deed of Trust NY3:#7374669